The Realtor.com August 2025 Rental Report shows that U.S. rents have fallen for 25 consecutive months, with the median asking rent across the 50 largest metros at $1,713, down 2.2% year-over-year. While rents remain 17% higher than pre-pandemic levels, they are still 2.6% below their August 2022 peak. Nearly 60% of renters still plan to buy homes, with half expecting to purchase within one to two years.

As nearly 60% of renters set their sights on homeownership, a drop in mortgage rates could unleash a significant wave of demand. In a market already constrained by low inventory, that influx of buyers could intensify competition and keep entry-level home prices elevated. With nearly a third of renters aged 25–34 preparing to purchase, sellers of starter homes, condos, and co-ops stand to benefit most from the momentum ahead.